TechniTrend Free Trading Indicator

Relative Volume Index (RVI) Indicator

Indicator Overview

The Relative Volume Index is a powerful and versatile tool designed to help traders easily identify volume trends and anomalies in the market. By comparing the current volume to its moving average, this indicator highlights significant increases or decreases in relative volume, allowing traders to catch potential breakouts, breakdowns, or volume spikes early on.

This Indicator on TradingView

Indicator Info

Key Features:
Relative Volume Comparison: Compares the current volume to the moving average volume over a customizable period, highlighting overbought and oversold conditions.
Volume Alerts: Customizable alert thresholds for high and low relative volume to quickly notify traders when volume exceeds predefined limits.
Custom Moving Averages: Choose from various moving average types (SMA, EMA, WMA) to calculate the average volume over a given length.
Volume Normalization: For better readability, volumes greater than 1000 are divided by 1000 and displayed with a ‘K’ suffix (thousands).
Volume Bands: Configurable high, average, and low volume bands for visual reference.
Daily Relative Volume: Option to display the daily relative volume in comparison to its daily average.
Weekly Average Volume: Option to display the weekly average volume for broader market trends.

Customization Options:
Length: Customize the period for calculating the moving average.
Volume Moving Average: Toggle to show/hide the volume moving average (normalized in ‘K’).
Alerts: Set thresholds for high and low volume alerts and configure alerts for immediate notification.
Volume Bands: Toggle to show/hide volume bands for easy visual identification of volume zones.
Daily/Weekly Relative Volume: Optional display of relative volume data on a daily and weekly basis.
This indicator provides traders with a more intuitive view of market volume dynamics, making it easier to spot significant volume changes and take action accordingly.

Recommended Settings:
High Volume Alert Threshold: 2.0
Low Volume Alert Threshold: 0.5
Length for Moving Average Calculation: 14
Show Weekly Average Volume: On for broader trend insights
Use this indicator to stay ahead of market moves by monitoring volume trends with precision.

Alerts:
High Volume Alert: Get notified when relative volume exceeds your high threshold.
Low Volume Alert: Get notified when relative volume drops below your low threshold.